17 Sep. 2020 | Comments (0)
We react to the August jobs report and then discuss compensation trends and why the wage crunch might be delayed. Since the outbreak of COVID-19, organizations have taken several workforce cost reduction measures, including cutting wages and salaries. In addition, with revenues under pressure and many people out of work, employers are entering a new era where wage growth may hit a historical low. So, how should business and HR leaders respond? Join our panel of The Conference Board economists, Gad Levanon, Vice President Labor Markets, Elizabeth Crofoot, Senior Economist Labor Markets, and Frank Steemers, Economist, to learn more. After this podcast, viewers will be able to answer the following critical questions: What are the main insights from the August jobs report? How has COVID-19 affected wages and salaries? Why the wage crunch may be delayed and not be visible yet in 2020? What will happen to salary increase budgets? How will a loose labor market over the next few years affect wage growth? What will be the impact of the rise in minimum wages on compensation?